Corn futures are showing modest gains in early Friday trading, recovering from Thursday's losses. December corn futures closed at $4.42 1/2 on Thursday, down 5 1/2 cents, but are currently up 3 1/2 cents. Nearby cash corn prices fell 6 cents to $4.09 1/4, while March 2027 corn closed at $4.54 3/4, also down 5 1/2 cents, but is now up 3 1/4 cents.
The Energy Information Administration's weekly report revealed a decline in ethanol production, dropping 13,000 barrels per day to 1.13 million barrels per day in the week of 11/6. Ethanol stocks decreased by 89,000 barrels, and refiner inputs fell by 11,000 barrels per day. Ethanol exports also saw a reduction of 7,000 barrels per day.
Export sales data, originally scheduled for release earlier in the week, has been delayed due to the Veterans Day federal holiday. Traders surveyed by Reuters anticipate 2-3 million metric tons of 2026/27 corn sales for the week ending on 11/5, with 2027/28 sales expected between 600,000-800,000 metric tons.
Brazil's corn production estimate remains unchanged at 148 million metric tons, with the first crop at 32.1 million metric tons and the second crop at 113.3 million metric tons, according to CONAB.